Azerbaijan Oil Fund’s investment to increase by twenty per cent in 2012
Azerbaijan, Baku, Feb. 10 / Trend A.Akhundov /
The projected total cost (average weighted volume) of the investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) for 2012 is set at 23 billion manat. The total amount of the investment portfolio of SOFAZ projected at 19.4 billion manat.
This is envisaged by the investment policy for 2012 adopted by the Fund and approved by the country's President.
"In 2012 SOFAZ will implement investment policy allowing to get maximum profit with low risk of loss of fixed capital," the document said.
The main expenditure of SOFAZ in 2012 will be:
• financing some measures related to issues of placement and improvement of social and living conditions of refugees and internally displaced persons;
• transfers to the state budget for 2012;
• financing project of reconstruction of the Samur-Absheron irrigation system;
• financing project of construction of the Baku-Tbilisi-Kars railway line;
• financing State Program on education of Azerbaijani youth abroad in 2007-2015
The official exchange rate is 0.7863 AZN to $1 on Feb.10.